South African Reserve Bank Act, 1989 (Act No. 90 of 1989)9. Validity of Board's decisions and acts |
No decision or act of the Board or act performed under the authority of the Board shall be invalid by reason only of the fact that—
| (a) | the Board did not consist of the full number of directors prescribed in section 4(1); or |
| (b) | a disqualified person or a person with respect to whose election as director the provisions of the regulations had not been observed, sat or acted as a director, |
at the time when the decision was taken or the act was performed or authorized, provided, in the case where such disqualified or invalidly elected person sat or acted as a director, the directors who were present at the time and who were in fact entitled to sit or act as directors constituted a quorum, and a majority of the last-mentioned directors voted in favour of the decision taken or the act performed or authorized.